Thursday, 5 January 2017

Opening Bell - Benchmark indices start on a positive note

The BSE Sensex opened higher by 105 points at 26,738, while the Nifty50 open above 8,200 mark.

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The BSE Sensex opened higher by 105 points at 26,738, while the Nifty50 open above 8,200 mark.

The street expects some bustle in the days ahead with earnings, Trump swearing-in, Union budget and of course the assembly polls in 5 states which commence from Feb 4. On Wednesday again, the market settled flat after a choppy trade, mapping the GST council meet’s indecisiveness which will make an April 1 rollout a difficult task.

Intraday Tips

Domestic funds have managed to absorb most of the selling by foreign investors in the last couple of days. Global cues are just about positive. The dollar has shed some weight. Minutes from the Fed’s December meeting mention "substantial uncertainty" about fiscal policy ahead following Trump victory; a "more expansionary fiscal policy" raises possibilities of "somewhat tighter monetary policy than currently anticipated."

Moody’s said strong GDP growth, capacity additions and stabilising commodity prices will support EBITDA growth of 6-12 per cent over the next 12-18 months for India. Foreign direct investment in the country rose 27pc yoy during April-Oct FY17 to $27.82 bn.

The Indian rupee opened higher by 15 paise against US Dollar at 67.90 per dollar versus 68.05 Wednesday.

Gold prices build on the recent gains, helped by sharp retracement in US dollar against the basket of currencies. However, investment demand remains subdued, manifested by redemptions from the world’s largest gold ETF (SPDR Gold Trust). Meanwhile, minutes of the recent US FOMC policy meeting revealed that Fed officials see a possibility of hike in interest rates faster than the proclaimed “gradual pace. Big improvement in labour markets and rising inflation may persuade the central bank to adopt a more hawkish path of policy normalisation.

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